INCENTIVES
Characters
Beneficiaries will naturally be of differing characters and persuasions, some better formed and informed than others. They come in many shapes and sizes and can range from the very spolit to the fairly sensible. The process of shaping and fashioning their characters does not stop at the end of their formal education but continues thereafter and there is no reason why that should not continue after your death
Substantial Wealth
If you are leaving substantial wealth it is all the more incumbent upon you to make sure that those who have the benefit and stewardship of that wealth should have the necessary educational, financial and other skills to make sure that the best part of your wealth is used for the best of purposes.
Professionals
Your professional advisers should be made aware of more than just the beneficiaries names and ages. They should grow to know each other well. This hopefully enriching relationship, will allow them to better advise on suitable Incentives and possibly much more.
Trends In Giving
Characters
Beneficiaries will naturally be of differing characters and persuasions, some better formed and informed than others. They come in many shapes and sizes and can range from the very spolit to the fairly sensible. The process of shaping and fashioning their characters does not stop at the end of their formal education but continues thereafter and there is no reason why that should not continue after your death
If you are leaving substantial wealth it is all the more incumbent upon you to make sure that those who have the benefit and stewardship of that wealth should have the necessary educational, financial and other skills to make sure that the best part of your wealth is used for the best of purposes.
Professionals
Your professional advisers should be made aware of more than just the beneficiaries names and ages. They should grow to know each other well. This hopefully enriching relationship, will allow them to better advise on suitable Incentives and possibly much more.
Beneficiaries
Beneficiaries
Beneficiaries will naturally be of differing characters and persuasions, some better formed and informed than others. They come in many shapes and sizes and can range from the very spoilt to the fairly sensible. The process of shaping and fashioning their characters does not stop at the end of their formal education but continues thereafter and there is no reason why that should not continue after your death or indeed your lifetime
If you are leaving substantial wealth it is all the more incumbent upon you to make sure that those who have the benefit and stewardship of that wealth should have the necessary educational, financial and other skills to make sure that the best part of your wealth is used for the best of purposes.
Your professional advisers should be made aware of more than just the beneficiaries names and ages. They should grow to know each other well. This hopefully enriching relationship, will allow them to better advise on suitable Incentives and possibly much more.
The Useless
What About The Useless And The Hopeless ?
The value of a family is not just in its financial wealth but also its human and intellectual capital. Including also the skills and accomplishments that a family has and how well the members of the family connect and bond with each other, together with the social compact between the generations. All these and other pertinent factors matter greatly when considering how best to decide on incentives
The person developing the estate plan should bear the overall wealth and attributes of the family in mind, so that a will is created which fashions and preserves the family ethos for the good of all.Family here refers not just to fathers, mothers, children and grandchildren, but may extend to uncles, aunts, nieces, nephews, cousins etc depending on the family and what bonds exist.
The idea is that if bonds exist, Incentives may strengthen such bonds. And if bonds do not exist then some may be created.For example a good incentive could be for a member of the family to propagate the family ethos and its bonding by arranging regular gatherings and also creating an online presence where interaction may take place.
A combination of these and others would much to ensure a sensible use of the wealthThis is just one example .Across this work numerous such Incentives have been suggested.
The Learned
Relationships
Those making wills will have different relationships to consider. That of being a parent, grandparent, an uncle, a cousin , a friend etc. Reword as repeat from earlierThere are many couples and people who do not have children and Incentives are a good way of including nieces, nephews, cousins and others within the ambit of your estate planning and to create suitable Incentives for their benefit.
There is no reason why you cannot benefit close friends and their children and others near and dear ; they might welcome the benefit of your good sense and your reward.Education
Get them involved in the work you do from a young age otherwise parents are seen as remote. Swedish thriller inner circle give examples
This is people so cover testators
Bb
Trustees
Advisers
EtcThe state is also a person with a prior claim on the estateWork
Most children of the rich do not really “ work”
Discuss
What does work involve as if affects the majority of people. Mostly people who may grow to like their work but in most cases working to earn money to pay for living and eatingSince the rich really only have to worry about where to sleep or eat . As long as reasonable comfort is to hand much else can be waivedExamine what people do and have must existThese interests may be relative but a resonable person should not have an abundance of extravagances and certainly they should not be provided as part of your estate planThis would be a waste of your wealth and runs the danger of spoiling your heirs
Print the wondering writings and place them in blogs so that the site text is plain simple clear and to the pointBut the wondering throws up ideas
Effectiveness
In order for the incentives to be effective, they have to be well implementedIn terms of the Foundational Incentives, suitable trustees would have to be appointed to oversee proper implementation.Much will depend on the nature of the Incentive, the beneficiaries and the availability of suitable TrusteesWith regard to Important Incentives and
Simple Incentives, the implementation can be made a little more flexible, for example the beneficiary could, if old enough, be trusted to oversee himself.Do more words in bold for contrastThere are no easy answers to the issue of rigid implementation and there are various aspects which may be difficult, such as having satisfactory evidence that implementation has indeed taken place and to the degree stated. In the event that the beneficiary chooses not to carry out the Incentive then the set amount would be given elsewhereMore on the set off if the beneficiary declines the invitationIf they carry out the incentive then the good cause will be given more . If does not carry our the Incentive then the good cause get lessWe cover in more detail aspects of how incentives may be best implemented in our book on Estate Planning and Incentives
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Drafting
Incentives in the way that they have developed in modern times are an innovation and particular care needs to be taken with regard to the drafting of the Incentives. It is important that advice is taken from those who are familiar in this type of estate planning and who have available a range of suitably drafted precedents for incentivesThere is also the question to consider as to how often the will is going to be reviewed, as certain incentives may be more suitable for beneficiaries at certain ages and you never know when that day will come.Careful thought has to be applied to ensure that the incentives stated are viable at the age that the beneficiary has to carry them out. The Incentives will have to be carefully crafted to ensure that there is no ambiguity or misunderstanding.
Letter Of Wishes
If you do not wish to have incentives included in your will, then there are other ways of incentivising your beneficiaries. Guidance can also be included in a Letter of Wishes, with the will. Whilst such letters are not binding they will give a good idea of what your thoughts are.This is perhaps the best way to start regarding Incentives and then then make them more firm
Discussion
You can just sit down with your beneficiaries and discuss your wishes, however since this involves you and them in the contemplation of your death these are not welcome or easy discussions.Conversations are also likely to be forgotten and you cannot be sure what effect the talk has had. Generally it would be better to consult a wise professional and see what may best be done and set relevant matters in writing for later review and inclusion in a letter of wishes
You can also make a dvd or audio of the guidance you wish your beneficiaries to have.
Lifetime
REDRAFT BELOW
There are of course various ways in which a Testator might consider Incentives as a part of the estate planning process. The good thinking behind incentives does not mean that Incentives have to be included in the will.The process of thinking about incentives and why you may want to include them is a valuable and worthwhile reflection on your family and its ethosSuch reflection may mean that you could provide guidance as to your wishes to the beneficiaries, whilst you are alive . For example if you believe that learning the family language is important you may want to bribe, sorry incentivise, them to do so whilst you are alive and so on.PrecedentsWe do not plan to make precedents for Incentives publicly available at present. Precedents should be specially drafted
There may be pitfalls in using boiler plate wording particularly in this area.
Categories
The purpose of the Incentives we suggest and set out in this work are various and varied. Some Incentives are intended to shape your beneficiaries to make them productive, worthwhile individuals. The purpose of others is to extend familial bonds for the future. Some Incentives seek to make your beneficiaries more creative and interesting persons. Some of them may well have elements that have appealed to you and which you think may appeal to them. Whichever and whatever, they are mostly designed to encourage and inspire your beneficiaries in some way.Incentives can be divided into several categories. Our approach for this work is to divide them into
Foundational
This is where there is concern that the wealth may be frittered away and expose the heirs to being spoiledOf course with vast wealth the danger of spoiling remains and Incentives are a step in the right direction but will not work for everyone
This is repeated on the next page revise bothImportant,Simple
Simpleand Fun
Fun
Foundational
This is where there is concern that the wealth may be frittered away and expose the heirs to being spoiledOf course with vast wealth the danger of spoiling remains and Incentives are a step in the right direction but will not work for everyone
This is repeated on the next page revise bothImportant,Simple
Simpleand Fun
Fun
DRUGS
“Drugs are a waste of time. They destroy your memory and your self-respect and everything that goes along with your self esteem.” Kurt Cobain
If there is concern that the beneficiary is addicted then any allowance paid may be made subject to the beneficiary passing a drugs test. This will also provide a chance to help the beneficiary deal with addictionReligion
This is the most important. Those who have a lot of money have very little idea about religion. Show some graphsArt Of Conversation.
Teach them how to speak without um and aching
Many Lecturers from universities dont know how to speak well. Show the evidence for this Highlight those elites who can neither speak well or phrase a question well or indeed answer a question properly